May 5, 2009
Re: Stimulus Funding News Neighborhood Stabilization Program Grants Available from US HUD
Yesterday, the U.S Department of Housing and Urban Development (HUD) released application guidance for the Neighborhood Stabilization Program under the Economic Recovery Act.
HUD also released new information on how states can access funds under the Tax Credit Assistance Program for Low Income Housing Tax Credit projects.
Neighborhood Stabilization Program (NSP)
HUD will award $2 billion in NSP grants to municipalities, states, and non-profit organizations. Unlike the previous round of NSP funds, all $2 billion in NSP funds available under the recovery act will be competitively awarded. Applications for NSP are due July 17, 2009. Links to the guidance and additional information appear below:
In addition, HUD will award $50 million in “technical assistance grants” to NSP grantees to improve management of their NSP program. Applications for technical assistance grants are due June 8, 2009.
Finally, HUD has created a new NSP Policy Guidance webpage for future and current NSP grantees to assist in planning for and managing NSP funds.
Tax Credit Assistance Program (TCAP)
Funding under the Tax Credit Assistance Program is only available to State Housing Finance Agencies. Local governments are ineligible for TCAP funds. State Housing Finance Agencies will award TCAP funds to housing projects that are financed with Low-Income Housing Tax Credits.
We thank Michael Wallace, Senior Legislative Counsel at the National League of Cities, for getting this information to us, so that we could pass it on to you.
Very truly yours,
William G. Dressel, Jr.